In a move that sent the shopping centre owner’s share price tumbling and was immediately questioned by investors and critics, the business behind centres such as the Bullring in Birmingham unveiled a recommended £3.4 billion all-stock deal to merge with Intu.

The shock transaction will create a group that controls a £21 billion pan-European portfolio of retail and leisure property and will propel it ahead of Land Securities as the UK’s No 1 real estate company.

If the deal is completed, Hammerson shareholders will own 55 per cent of the group, with the rest owned by Intu investors. The combined group will have a market capitalisation of more than £7 billion…

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